London, 06 March 2016 -- Moody's Investors Service (Moody's) has today assigned a B3 corporate family rating (CFR) and a B3-PD probability of default rating to Barolo MidCo S.p.A. (TeamSystem, the company). Concurrently, Moody's has withdrawn the B2 CFR of TeamSystem Holding S.p.A. including its B2-PD probability of default rating. Moody's has also affirmed the B2 rating on the EUR430 million senior secured notes issued by TeamSystem Holding S.p.A. and assigned a Caa2 rating to the EUR150 million senior notes issued by Barolo MidCo S.p.A. The outlook on the existing EUR430 million senior secured notes was changed to stable from negative and a stable outlook was assigned to the new CFR and new EUR150 million senior notes.

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